🇺🇸 JUST IN: Citadel Securities and $62.6T BNY officially complete a tokenized US Treasury repo. Citadel used the tokenized note as collateral overnight, with BNY providing cash in return. BNY says it's the first use of tokenized assets on a major triparty repo platform. The two year note was bought through BNY on Tradeweb, and its tokenized version settled within minutes instead of the standard T+1 cycle.

🚨HUGE: Hyperliquid's perps are now live on the Bloomberg Terminal. The Terminal now shows live data from Hyperliquid's 24/7 perps, including oil, gold, the S&P 500 and chipmakers. It comes after President Trump said the CFTC is working to bring Hyperliquid to the US.

🇺🇸JUST IN: DTCC to officially launch its tokenization service for $114 TRILLION in assets. CEO Frank La Salla confirmed the timeline after more than 30 firms made live trades with tokenized assets in July. The service will cover Russell 1000 stocks, major index ETFs and US Treasuries, which can move between approved wallets 24/7. Over 100 firms, including BlackRock, Goldman Sachs and JPMorgan, have joined DTCC's tokenization working group.

🇺🇸UPDATE: CFTC now lets US brokers invest customer funds in TOKENIZED assets and keep records on-chain. CFTC staff updated their crypto FAQs today, adding four new answers and revising one: Tokenized investments: Brokers and clearinghouses can invest customer funds in tokenized versions of approved investments, if the tokens carry the same legal rights. Tokenized government money market funds are included, with a custodian's written acknowledgment. Swap dealers can now use tokenized money market fund shares as margin for uncleared swaps. On-chain records: Brokers, exchanges and clearinghouses can use blockchains to meet recordkeeping rules. Firms can keep records only on-chain, with no off-chain copy required. Firms on public blockchains must still be able to produce records if the network goes down. What's unchanged: Crypto, including stablecoins, still can't be used as margin for uncleared swaps. The questions came from dYdX, the Blockchain Association and the Solana Policy Institute. It comes two days after Chairman Mike Selig said US markets must prepare for "mass tokenization."

🇺🇸BREAKING: The Fed has proposed its GENIUS Act rules, requiring stablecoins it oversees to be fully backed by Treasury bills and other high-quality assets. Proposal one: - Stablecoins must be fully backed by permissible reserves, such as short-term Treasury bills and other high-quality, liquid assets. - Issuers face standardized capital requirements covering credit and operational risks, plus risk management standards. - New rules cover firms that safekeep stablecoin reserves, and clarify which stablecoin activities Fed-supervised banks can carry out. Proposal two: - Fed-supervised banks applying to issue stablecoins must submit a business plan and financial information. - The proposal also sets a process for appeals, hearings and final decisions on applications. "Stablecoins will only be stable if they can be reliably and promptly redeemed at par in a range of conditions," says Fed Governor Michael Barr. The comment period closes 60 days after publication in the Federal Register.